WHAT IS COST AND MANAGEMENT ACCOUNTING?
Cost
Accounting is the process of tracking, recording and analyzing costs
associated with the products or activities of an organization. Managers
use cost accounting to support decision making to reduce a company's
costs and improve its profitability. Management Accounting is focused on
designing and evaluating business processes, budgeting and forecasting,
implementing and monitoring internal controls, and analyzing,
synthesizing, and aggregating information—to help drive economic value.
The role of Management Accounting differs from that of financial
accounting, since management accountants work at the ―beginning‖ of the
value chain, supporting decision making, planning and control, while
audit and tax functions involve checking the work after the fact.
Cost
Accounting is the process of tracking, recording and analyzing costs
associated with the products or activities of an organization. Managers
use cost accounting to support decision making to reduce a company's
costs and improve its profitability. Management Accounting is focused on
designing and evaluating business processes, budgeting and forecasting,
implementing and monitoring internal controls, and analyzing,
synthesizing, and aggregating information—to help drive economic value.
The role of Management Accounting differs from that of financial
accounting, since management accountants work at the ―beginning‖ of the
value chain, supporting decision making, planning and control, while
audit and tax functions involve checking the work after the fact.
Author: Colin Drury
Book: Cost and Management Accounting (Download)
Book: Cost and Management Accounting (Download)
